The 'Goods and Services Tax' rate on books is: MCQ with Answer and Explanation

Question

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The 'Goods and Services Tax' rate on books is:

A. 0%

B. 5%

C. 12%

D. 18%

Answer: Option A

Solution (By JKSSB Mock Tests)

Printed books are exempt from GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Goods and Services Tax' has enabled seamless input tax credit across states, which has eliminated:

A. tax cascading and barriers to interstate trade

B. income tax

C. direct taxes

D. customs duty

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Correct Answer: Option A

Explanation:
Seamless ITC has removed cascading and eased interstate trade.

This question belongs to: Economy GK Economy Set 1

Question #2

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Which of the following is a major objective of monetary policy in a developing country like India?

A. Only maximising fiscal deficit

B. Only maximising inflation

C. Only promoting imports

D. Price stability consistent with growth and financial stability

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Correct Answer: Option D

Explanation:
The primary objective of monetary policy in India is to maintain price stability while keeping in mind the objective of growth, along with ensuring financial stability.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Goods and Services Tax' on charitable activities is:

A. 18%

B. exempt for specified charitable activities

C. 5%

D. 0%

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Correct Answer: Option B

Explanation:
Specified charitable activities are exempt from GST.

This question belongs to: Economy GK Economy Set 1

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